Business

November 9, 2012

Finmeccanica third quarter earns triple on cost cuts

Finmeccanica, the Italian aerospace and defense giant, tripled earnings in the third quarter due to cost-cutting, improved margins and better sales of products like helicopters.

The company, which is 30-percent owned by the government, Nov. 8 reported net profit of $95 million in the quarter ended Sept. 30. It made €25 billion last year, excluding a one-time 2011 writedown of €753 million related to faulty components it supplied for Boeing’s 787 airliner.

Revenues for the quarter rose 8 percent to €4.1 billion from €3.8 billion in the same period last year.

CEO Giuseppe Orsi said the results indicated progress from the restructuring plan undertaken last year.

The company, meanwhile, remains at the center of a growing corruption probe. AP

 




All of this week's top headlines to your email every Friday.


 
 

 
Lockheed Martin photograph

Lockheed Martin P-3 Orion wing line restarted

Lockheed Martin photograph From left: Peter Hillier, Karen Eilbmeier, and Michael Spurr from the Canada Department of National Defence were on hand to commemorate the reopening of the P-3 wing line at Marietta, Ga.   Lockh...
 
 
boeing-cargolux

Boeing, Cargolux Airlines celebrate 30th direct delivery of a 747 Freighter

Boeing and Cargolux Airlines are celebrating the 30th direct delivery of a 747 Freighter to the Luxembourg-based cargo carrier. To mark the occasion, Cargolux’s latest 747-8 Freighter carries a special decal of the Father...
 
 

Greenert: Sequestration threatens readiness, modernization

As the Navy faces a projected shortfall of about $25 billion below the president’s fiscal year 2016 budget request, sequestration and the continuing funding resolution have degraded the service’s readiness and capabilities, the chief of naval operations told Congress March 4. In testimony before the Senate Appropriations Committee’s defense subcommittee, Navy Adm. Jonathan W. ...
 

 
Lockheed Martin photograph

Turning up the heat

Lockheed Martin photograph Lockheed Martin ATHENA laser weapon system defeats a truck target by disabling the engine, demonstrating its military effectiveness against enemy ground vehicles. Latest evolution of Lockheed Martin l...
 
 

Sikorsky S-97 RAIDERô team begins final assembly of second aircraft

Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp., announced March 4 the start of final assembly of the second S-97 RAIDERô helicopter at the company’s Development Flight Center. Along with a team of industry suppliers, Sikorsky is developing two RAIDERô prototypes to demonstrate the revolutionary new capabilities in improved maneuverability and flight speed. The...
 
 

Sikorsky awarded $8 million contract for Phase 1 ALIAS program

Sikorsky Aircraft Corp. announced March 4 that the Defense Advanced Research Projects Agency has awarded the company an $8 million contract for Phase 1 of the Aircrew Labor In-Cockpit Automation System program. Sikorsky Aircraft is a subsidiary of United Technologies Corp. The objective of DARPA’s ALIAS program is to develop and insert new automation into...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>